SanDisk Shares Soar More Than 41-Fold on AI Demand, Market Value Tops $200 Billion

Generative AI training, inference and AI agents all require vast amounts of DRAM, HBM and NAND storage capacity, shifting the memory industry from cyclical expansion to structural growth. IDC says “this time is different,” while analysts expect demand to rise exponentially and tight supply could persist through the end of 2030.

Micron and SanDisk both closed at record highs on Monday, with Micron shares topping $1,000 for the first time. Melius initiated coverage of Micron with a Buy rating and a $700 price target. SanDisk has risen nearly 30-fold in the roughly 14 months since its spinoff and listing, reflecting continued upward revisions to market expectations for AI memory and storage demand.

SanDisk, Western Digital and Micron are all part of the memory and data-storage supply chain, benefiting as cloud providers increase spending on AI infrastructure. Generative AI is driving demand for data-center storage capacity and high-bandwidth memory, drawing attention to the outlook for the three companies and potential spillover effects on Taiwan-listed memory stocks.

As of July 20, 2026, shares of SanDisk, Western Digital and Micron had rebounded in tandem after an earlier pullback, with the market attributing the momentum to growth in AI workloads. The reports provided did not disclose the gains in individual stocks, trading values or exact rebound dates. Attention is now turning to whether Taiwan’s memory and storage supply-chain stocks will follow them higher.

Sandisk supplies NAND flash memory and enterprise solid-state drives. Surging volumes of data used in AI training and inference are driving data centers to purchase high-capacity storage, tightening supply and lifting prices. The demand wave has boosted earnings and is also seen on Wall Street as a key gauge of whether the memory upcycle can continue.

Sandisk reported fiscal third-quarter results on April 30, 2026, with revenue rising 97% year on year to $5.95 billion, beating the $4.7 billion market estimate. Adjusted earnings per share came in at $23.41, above the $14.54 forecast. Fox Advisors raised its price target to $1,500 on May 4, while Bernstein said the stock could reach $1,700. The shares gained 5.8% to close at $1,255.86, bringing their four-day rise to 25% and setting a record high.

Sandisk specializes in flash memory and data storage, with the expansion of AI servers and data centers driving demand for high-capacity storage. Its inclusion in the Nasdaq-100 will require passive funds tracking the index to add the stock, potentially increasing capital inflows and market visibility and drawing investor attention.

Sandisk is set to join the Nasdaq-100, while Evercore’s bullish outlook on its AI storage business has helped drive the shares up about 300% this year, quadrupling their value since the start of the year. Analysts expect the demand to persist beyond 2028, continuing to support revenue and gross margins. The report did not disclose the effective date or any transaction value.